Hi Stephen/Daniel,
Firstly, thanks Stephen for your reply. I managed to get it working after your response.
I had both the test and live API key fields populated. I had to remove the test api keys from both fields and also un-check the Test Mode check box.
This seems to have fixed the issue and payments are going through woo commerce and stripe nicely.
You might also want to double check your stripe dashboard and ensure that it is set to Live and not test mode.
Hope you get it working soon.